How to Read a PAY STUB in CANADA? What are the Biggest TAX CHANGES for 2023? Where does My MONEY Go? What are the PAYROLL DEDUCTIONS from My PAYCHEQUE? How Does CPP Work? What is Employment Insurance? How much is EI? What are TAXABLE BENEFITS?
I’ll be breaking down everything you need to know about your PAY STUB in Canada for 2023. These new Tax Changes are already in effect and making a difference in Your Paycheque! I’ll be sharing MY ACTUAL PAY STUBS to explain all the Deductions from your paycheque and to highlight the changes from 2022 to 2023. I’ll be breaking down how all the numbers work like Income Tax, CPP, EI (Employment Insurance), Pensions, Taxable Benefits, Disability and more! It’s so important to understand where YOUR money is going and that’s what this video is for!
CANADIAN TAX GUIDE – Playlist 🇨🇦
2023 TAX CHANGES in CANADA 👇
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SKIP AHEAD ⏩
-Intro: 0:00
-Pay Stub Basics: 1:53
-My Pay Stub – 2023 Example: 2:35
-Bi-Weekly vs Semi-Monthly 3:53
-Gross Pay: 4:25
-Income Tax: 5:37
-CPP – Canada Pension Plan: 7:01
-Compare 2022 Pay Stub – Lower Taxes: 9:30
-CPP Max – Stop Deductions: 10:46
-Detailed Pay Stub – More Deductions: 11:25
-Employment Insurance: 11:58
-LTD – Long Term Disability: 13:36
-Pension Plan – RPP: 13:53
-Taxable Benefits: 14:54
-Final Thoughts: 16:17
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Make sure you watch my video on the Important TAX CHANGES in CANADA for 2023! 🇨🇦👇
https://youtu.be/Zjfy_G1l5ok
I break down the tax changes like the CPP increase and changes that will REDUCE your taxes like updated tax brackets and increased tax credits! 🇨🇦
Great video thanks Adrian for sharing
Hello Adrian. Thank you so much for your videos. I have a question: I just arrived to Canada on December 13, 2022, and I started working on December 19, 2022. My first 2 week of work were in 2022, but I received my first payment on January 6, 2023. Does this income count towards 2022 or 2023?
I work in a company so how can I make sure I maximize CPP contribution ?
if i die before i get my CPP, when does the money go? will my children get it back?
i didn't know about taxable benefit. wow, i have to pay tax even though my employer provided me the benefit as part of my compensation package. it's less attractive than it sounds as i am still paying for part of the benefits myself.
" Half for you and the other half goes to your government To live la vida loca there i help you all understand
What are the best stocks to be investing for a beginner? I have some of FTS.TO, T.TO, XIC and XEI. I am going more towards ETF's with the no commission to re-invest and later going into individual stocks.
Hi Adrian, thanks for the video!! Great as usual. From what I understand, when you're self-employed, you need to pay CPP double the amount as a regular employee.
This video should be featured in every Company's onboard training. My HR never explained me in this much detail.
Adrian, I've been enjoying your videos!
14:31, the gross pay is $2,956.73 and you contribue 4% or $118.27 to RSP. Will payroll calculate fed&provincial tax based on $2,956.73 or $2,836.46(=gross-RSP)?
Adrian never misses! This video is so informative – thanks Adrian!!
Your cumulative tax is 42%. Pretty high for an income on pace for $63,758 for the year. In the USA the all-in tax would be about 13% to 22% depending on which state you live in. Of course, you get free healthcare in that mix and other such benefits.
Hi Adrian. Can you share from where we should buy TurboTax as i found one in my local Shoppers Drugmart? And is It a one time payment or a monthly/yearly payment to TurboTax? And is TurboTax required? And when does one create account with CRA for tax?
Hi Canadian in a T-Shirt, if you are self-employed shouldn't your CPP contribution be 11.9% ?
what software do you use to create your paystubs and payroll?
Hey, Adrian thank you for the info. Can you tell us what is the new Quantum ai, please?thanks
About Taxable benefits, my employer also provide health insurance, this year, I added my girlfriend to my employer health insurance, that means that I will have to pay more taxes on it, but how much ? And how can I calculate how much my girlfriend owes me ? Thanks!
I've been working for 10 years and today I understand my pay cheque! thanks!!
Adrian, working payroll for 15 years, hear are some tips re: payroll stubs & taxes:
1) PDOC (Payroll Deduction Online Calculator) is a useful tool to determine how much CPP, EI, Federal & Provincial Income Tax will be withheld on pay cheques. Very helpful when finding out your changes in net pay in the next year, start a new job, move to another province, have a pay increase, or pay cut, or updates with your TD1 forms.
2) Paystubs will remunerate YTD CPP, EI, Income Tax totals, so the cheque on the last payday, i.e. payment date, will coincide with the numbers on your T4 from your employer. It can get you a headstart of your tax planning before receiving the T4 in the time being.
3) TD1 forms to your employer. Make sure you fill out these forms correctly (not an exhaustive list here:) with a new employer, take on another job, change your primary employer, retirement age, receiving CPP benefits, leave post-secondary studies, change marital status, have dependents, have children, etc. That way, your net pay will be exact, and not deal with a tax shock from tax deficiencies, or overtaxed by not taking full use of tax credits during the year.
I advised my employees over the years, so they can keep the most after-tax pay, and have no troubles with their taxes, when they file with the CRA.
This is great! Could you make a video about taxes for parents with children in post-secondary school? What expenses (if any) parents can claim? I think rent is not eligible. Is anything?
it's really a good time to refresh these things at the beginning of each year.
Very valuable info , Well done . This vlog answer all my question in pay stub. . I will send this to my children Thank you Adrian .
Adrian – could you pls tell me that if employer matches for RRSP . How would taxes work ? Can i claim my own monthly contributed amount at the end of the year or its been already taken care by the company accountant?
Can you also make the video if someone does gigs work(Uber, DoorDash, SkiptheDish, Instacart) how can submit the taxes and how to note the expenses like (gas or car maintenance)
Which app is good to do personal bookkeeping? Also noted that investment in it and taxes.
Hi Adrian…what do you think of TD Easy Trade? I’m thinking of clicking your link to Questrade so I can get real time live corks quotes on my investments. With. Easy trade, I can only check the balance is a day later.
Doesn't your corporation also have to pay an equal CPP payment, therefore doubling the amount?
If you think you get cpp back, know it's capped if you have rrsp or other pensions from say a skilled trade
Great video!
There's more simplified knowledge on taxes in this one video than you'll receive in any class from any publicly funded education across Canada.
Thanks for the great video Adrian! Did you have to hire a professional accountant or do you do all the accounting yourself for your incorporated business?
Thanks for info!
The money contributed to RRSP is not considered income and therefore no taxes are paid on it. In your example, your employer contributed 5%. Will your contribution be considered 9%? if yes does it mean that you will get some refund from CRA?
QUESTION: Is this biweekly or monthly for salary examples that hit the bank?